The newly launched memecoin MOTHER by Australian rapper Iggy Azalea skyrocketed to a market worth exceeding $20 million on Might 29.
This surge allowed MOTHER to overshadow the IGGY token related to Sahil Arora, who has lately come beneath scrutiny for alleged fraud.
Azalea publicly dissociated herself from Arora after he posted a screenshot displaying a textual content message by which Azalea supposedly mentioned selling his token.
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Refuting these claims, Azalea asserted she has “by no means even spoken to the man,” clarifying he solely had one cellphone name together with her supervisor. She additional addressed the matter, saying:
Do not consider the faux screenshots and all the remaining <…>. Sahil, child, take your L and go already. [REDACTED]
Launched on the Solana blockchain, Azalea’s MOTHER memecoin made its debut simply hours after Arora launched IGGY. Initially, IGGY noticed a powerful begin, reaching a market capitalization of about $3 million. Nonetheless, it has dropped to roughly $167,000 on the time of writing. In distinction, Azalea’s MOTHER is at the moment at $20.17 million.
Nonetheless, Arora’s focus for IGGY may not be on market efficiency, given his a number of accusations of pump-and-dump schemes and suspected presale scams. Earlier than Arora launched IGGY, he additionally held a presale the place buyers contributed funds to a delegated tackle, resulting in accusations of fraud.
Data from Solscan point out that the Solana tackle utilized by Arora for the presale holds over $380,000 in SOL on the time of writing.
Up to now few days, a minimum of two celebrities have accused Arora of working rip-off operations by his memecoin tasks. Olympian Caitlyn Jenner and rapper Wealthy the Child have each publicly accused him of rip-off.
Arora has denied allegations of scamming, attributing any losses to poor timing by buyers.
Nonetheless, whereas the MOTHER memecoin continues to carry out properly available in the market, the IGGY token struggles throughout rip-off allegations and a dramatic drop in worth.
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Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.
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